Question Details

Sean Dugan, Other/Just Looking in Dallas, TX

My motgage broker states I need to ask for $3000 in sellers concessions,is this possible on HUDs?

Asked by Sean Dugan, Dallas, TX Wed May 14, 2008

Help the community by answering this question:

Answers

2
Sean,

The limitation on seller concessions is set by the type of financing you choose more than anything else. Conforming financing will allow 3% of the sales price as seller concessions. FHA allows 6% of the purchase price to be paid by the seller for concessions.

Check with your lender. Get pre-approved and then have your lender communicate with your realtor the specifics about seller concessions so the contract can be correctly written.

Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 3440-3277
0 votes Thank Flag Link Wed May 14, 2008
Sean,

What are the concessions to cover? If he is asking you that to cover the closing costs of the loan, I would encourage you to shop around for loan officers and programs. If you are doing an FHA loan most places can offer those alot cheaper than 3000. There also might be pre-paids included with that. In my state, my realtor said HUD will not pay closing cost's, but I would definately ask your realtor for advice. Good Luck!!


Brent
0 votes Thank Flag Link Wed May 14, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer